The Asia Pacific Location-based Entertainment Market would witness market growth of 29.1% CAGR during the forecast period (2022-2028).
The VR entertainment genre, virtual reality arcade (VRcade), is distinguished by its quick yet intense gameplay. A few square meters of space, an HMD, and controllers are the minimum requirements for a VR arcade experience. Apart from their accessibility, arcades are advantageous because players may interact with one another while playing games, which helps them draw in more players. More stakes were placed in virtual reality as investors and VR developers discovered that arcades were a potential trend. Arcades need significantly less investment than Virtual theme parks.
A rise in interest in virtual reality at the grassroots level is unavoidable if they start to exist; nonetheless, demand and high consumer expectations will spur further technological advancement. The gaming industry is paradigm shifting, and the market's major participants are ready to explore technology-driven initiatives. Consumers are reportedly adopting virtual reality (VR) in significant numbers due to the industry's emphasis on multiplayer games. In addition, smaller firms are encouraged by the tendency to enter the LBE market, which furthers the industry's growth.
VR gaming popularity in Japan, China, South Korea, and India is also helping APAC industry growth. In addition, several governments encourage LBE technology in popular tourist locations to enhance regional development. This boosts the Asia-Pacific market growth. For instance, in March 2022, the Research & Entrepreneurship Park of IIT Bhubaneswar (IIT BBS-REP) conducted an Open Challenge Program (OCP) in AR-VR in conjunction with Software Technology Parks of India (STPI), the Ministry of Micro, Small, and Medium Businesses (MSME), the Government of Odisha, Start-up Odisha, and the Ministry of Electronics and Information Technology (MEITY). These reasons are growing the Asia Pacific Location-based Entertainment Market.
The China market dominated the Asia Pacific Location-based Entertainment Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,183.7 Million by 2028. The Japan market is estimated to grow a CAGR of 28.3% during (2022 - 2028). Additionally, The India market would experience a CAGR of 29.9% during (2022 - 2028).
Based on Technology, the market is segmented into 3 Dimensional (3D), Cloud Merged Reality and 2 Dimensional (2D). Based on Component, the market is segmented into Hardware and Software. Based on End-use, the market is segmented into Amusement Parks, Arcade Studios and 4D Films. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Location-based Entertainment Market is Projected to reach USD 14.3 Billion by 2028, at a CAGR of 28.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Walt Disney Company, Google LLC (Alphabet, Inc.), HTC Corporation, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Magic Leap, Inc., Microsoft Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Niantic, Inc., VRstudios, Inc. (FOD Capital, LLC), and KidZania S.A.P.I. de C.V.
By Technology
By Component
By End-use
By Country
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